Renovations? Questions for your contractor
Posted on Mar 09, 2020 in Home improvements
Just like spring cleaning, lots of home owners are thinking spring “renovating” to make their houses more enjoyable, or more saleable.
Here are three questions to put on your list for the contractor before you commit:
• Will you provide a written cost estimate and breakdown, itemized and regularly updated?
• Can you give me a list of references with c...
Mortgage rate cut — the whole 0.5 per cent?
Posted on Mar 05, 2020 in Interest rates
Today or tomorrow, Canadian banks are expected to announce changes to mortgage interest rates.
This comes after the Bank of Canada lowered its interest rate to the banks by 0.5 per cent. It’s unknown if the banks will pass the entire half-per-cent cut to consumers.
Given that banks are competitive, and given that this is the eve of the spring real es...
March issue of News From Nexus this week
Posted on Mar 02, 2020 in News
The next issue of the Nexus Realty newsletter will be in your email box this week. If it isn’t, perhaps that’s because you haven’t subscribed, which you can do with this click.
Here’s a preview of what to expect in the March edition of News From Nexus:
• Why you shouldn’t have to worry about insurance rates in condominiums
• How investors are, or shou...
Home equity — what it can mean for new owners
Posted on Feb 27, 2020 in Real estate terminology
For people like realtors, sometimes the most basic knowledge can be something that newcomers to home ownership might not fully understand.
One example is home equity.
Most people get it, that home equity means the size of the “stake” you have in your home.
If it’s something you’ve never thought about because you’ve never been a home owner, here’s a si...
Headlines from the high cost of strata insurance
Posted on Feb 24, 2020 in Insurance
There has been a lot in the news about staggering insurance premiums for condo owners, and it’s not too much of a stretch to say this could have an impact on the real estate market.
Enter the BC Real Estate Association.
Last week, the BCREA made news by explaining how it is taking steps to help potential buyers be prepared for everything concerning c...
A change to the stress test — your thoughts?
Posted on Feb 20, 2020 in Government and real estate
This week, the Federal Government tweaked the “stress test” — the much-debated B-20 — that was designed to reduce the risk of debt for people seeking mortgages by improving the quality of loans.
A change is coming.
Starting in April, the Federal Government will change the stress test qualifying rate.
Current rate: the greater of the borrower’s contrac...